BBC NEWS | Business | India and Asean sign trade deal
Are Amercans paying attention to what is happening in the world? We sign trade deals with countries throughout the world and partake in little to no protectionism of our industries. ASEAN members are careful to protect themselves and participate in limited free-trade. When are we going to wake-up and realize that if we continue to trade with those who do not play on an even playing field, our domestic industries will be unable to compete and die. ASEAN, the Shanghai Corporation Organization, and other trading blocs are being designed to exclude and eventually overtake the U.S. economy. Yet the U.S. consistently ignores these happenings so that outsourcing corporations can profit on the backs of cheap labor. It is time we focus on re-growing our own domestic economy and end these one-sided trade agreements where America is destined to lose. Thoughts?India and the 10-country South East Asian bloc Asean have signed a free trade agreement after more than six years of talks.
Tariffs on electronics, chemicals, machinery and textiles will be reduced and eventually eliminated.
These products make up 80% of goods traded between India and Asean.
But India has been allowed to continue protecting its farm sector, and has excluded 489 products, including rubber, from the trade deal.
Computer software and information technology are also exempt.
A smaller list of products, described as "highly sensitive", such as palm oil and coffee, will see tariffs reduced over about 10 years, but only modestly.